3. The balance sheets provided for Local Ou Co (2003 and 2004) below, calculate the following ratios for both 2003 and 2004: a. Current ratio b. Quick ratio c. Debt ratio d. Assets-to-equity e. Debt-to-equity Local Oil Co. Balance Sheet 2003 and 2004 (S in millions) 2004 2003 $ 200 $ 220 50 1.750 650 150 $2820 40 1.550 Assets Current Assets Cash and cash equivalents Marketable securities Accounts receivable Inventories Other Total current assets Fixed assets Gross property, plant and equipment Less: Accumulated Depreciation Net property, plant, and equipment Intangible assets and others Net fixed assets Total assets 670 160 $2620 S9.550 3.450 56,100 750 $6.850 S9670 S9,025 3,250 $5,775 575 $6.350 S8970 $1600 Liabilities and Stockholders' Equity Current liabilities Accounts payable Notes payable Accrued expenses Total current liabilities Long term liabilities $1700 350 300 $2350 000 300 $2500 S 950 2.000 $2950 $5300 $ 900 1.800 $2700 $5200 $ 240 Deferred taxes Long-term debt Total long-term liabilities Total Liabilities Stockholders equity Preferred stock Common stock par value Paid-in capital in excess of par Retained eamings Less: Treasury stock Total stockholders equity Total liabilities and stockholders' equity 1250 S 240 220 1075 215 (480 $1270 58970 (550) $2020 $9670